Minister of State Teo Ser Luck's reply to Parliament Question on Global Investor Programme

​Question:

Mrs Lina Chiam: To ask the Minister for Trade and Industry if he will consider revising and tightening the assessment criteria for EDB's Global Investor Programme to ensure foreigners accepted into this scheme are not involved in criminal embezzlement.

Oral Answer by Mr Teo Ser Luck, Minister of State for Trade and Industry

1.         The assessment criteria for applicants under the Global Investor Programme was reviewed and tightened recently.  Each applicant is required to submit supporting documents relating to his personal and business background that are certified by a notary public.  The applicant is also required to furnish references from financial institutions and declare if he has any criminal conviction under the Immigration Act. Each applicant is required to make a statutory declaration that the information he has provided is true and accurate.

2. EDB would then verify the information provided by the applicant and forward particulars of the applicant to relevant government agencies for further screening. While every effort has been made to ensure that the assessment process is rigorous and comprehensive, it is not always possible for all dubious dealings to be detected at the point application, especially if they have not been surfaced yet. I would like to assure Members that EDB will continue to exercise due care and diligence in evaluating all applicants of the Global Investor Programme.